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COMMITMENTS
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12 Months Ended | |||||||||||||||||||||
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Dec. 31, 2013
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| Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||
| Commitments Disclosure [Text Block] |
NOTE 12 – COMMITMENTS
Operating leases
On September 28, 2010, the Company entered into a five-year lease for office space in New York City, with monthly payments escalating from approximately $10,000 in the first year to approximately $11,000 in the fifth year. The Company received a rent credit of $9,420 in each of the months of November 2010, December 2010 and January 2011. The Company has posted a letter of credit in the amount of approximately $60,000 for the benefit of the landlord which is collateralized by a money market account (see Note 4 ). Future minimum lease payments under the operating lease are as follows:
See note 15.
Rent expense charged to operations, which differs from rent paid due to the rent credits and to increasing amounts of base rent, is calculated by allocating total rental payments on a straight-line basis over the term of the lease. During the years ended December 31, 2013 and 2012, rent expense was $116,569 and $116,732, respectively and as of December 31, 2013 and 2012 deferred rent payable was $19,710 and $26,156, respectively, including the current portion included in accrued expenses. Consulting agreements
During 2012 and 2013, the Company entered into contracts with various contract research organizations for which there are outstanding commitments aggregating approximately $4,500,000 at December 31, 2013 for future work to be performed.
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